Oil prices dropped 30% in a week. What gives? – CNN

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CNN’s Anna Stewart explains how Western allies are working in “lockstep when it comes to sanctions.” “,”descriptionText”:”President Joe Biden announced a ban on Russian energy imports to the US, while the UK and the EU plan to phase out their reliance on Russian oil and gas. CNN’s Anna Stewart explains how Western allies are working in “lockstep when it comes to sanctions.” “},{“title”:”Average US gas price soars above $4 nationwide”,”duration”:”01:38″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness/index.xml”,”videoId”:”business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220304083249-02-illinois-gas-prices-0303-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The average price for a gallon of regular gas in the US has been rapidly increasing since Russia invaded Ukraine, rising about 50 cents since the Feb. 24 invasion. CNN’s Pete Muntean reports.”,”descriptionText”:”The average price for a gallon of regular gas in the US has been rapidly increasing since Russia invaded Ukraine, rising about 50 cents since the Feb. 24 invasion. CNN’s Pete Muntean reports.”},{“title”:”Why banning Russian oil could backfire”,”duration”:”01:32″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business/index.xml”,”videoId”:”business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220228112808-01-us-gas-prices-0223-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business/video/playlists/business-oil-energy/”,”description”:”President Biden has said banning Russian oil is still on the table, but here is why weaponizing oil and gas is a measure both sides would prefer avoiding.”,”descriptionText”:”President Biden has said banning Russian oil is still on the table, but here is why weaponizing oil and gas is a measure both sides would prefer avoiding.”},{“title”:”Commodities expert: Panic dominates oil market as Russian oil is shunned”,”duration”:”02:29″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn/index.xml”,”videoId”:”business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220303130057-markets-now-kaneva-russia-ukraine-oil-prices-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn/video/playlists/business-oil-energy/”,”description”:”JP Morgan Head of Global Commodities Natasha Kaneva explains the current imbalance in the oil market and where prices are headed.”,”descriptionText”:”JP Morgan Head of Global Commodities Natasha Kaneva explains the current imbalance in the oil market and where prices are headed.”},{“title”:”Oil prices spike as supply disruption fears grip US”,”duration”:”01:41″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness/index.xml”,”videoId”:”business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220228112808-01-us-gas-prices-0223-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The US and its allies have agreed to release 60 million barrels of oil from reserves amid the Russian invasion of Ukraine, but oil prices still surged. 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CNN’s Matt Egan weighs in on gas prices, the stock market’s response and why the release of reserves may not be enough.”},{“title”:”US stocks rebound after Biden announces sanctions”,”duration”:”02:21″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness/index.xml”,”videoId”:”business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220224133129-02-nyse-022422-large-169.jpg”,”videoUrl”:”/videos/business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The US stock market rebounds as President Biden announces further sanctions against Russia following the invasion of Ukraine. Oil prices return after a post-invasion spike, while Russia’s stock market drops 33%. 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CNN’s Vanessa Yurkevich reports.”,”descriptionText”:”The recent ban on Russian energy exports to the US have left American drivers struggling to keep up with rising gas prices. CNN’s Vanessa Yurkevich reports.”},{“title”:”How to save money on gas by being more fuel efficient”,”duration”:”01:40″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/10/save-money-on-gas-fuel-efficient-orig-jm.cnn/index.xml”,”videoId”:”business/2022/03/10/save-money-on-gas-fuel-efficient-orig-jm.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220308123336-clix-1-gas-price-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/10/save-money-on-gas-fuel-efficient-orig-jm.cnn/video/playlists/business-oil-energy/”,”description”:”CNN spoke with David Bennett, Repair Systems Manager at AAA, about ways all of us can try to be a little more fuel efficient while gas prices are at record highs.”,”descriptionText”:”CNN spoke with David Bennett, Repair Systems Manager at AAA, about ways all of us can try to be a little more fuel efficient while gas prices are at record highs.”},{“title”:”The US banned Russian oil. So, what now?”,”duration”:”01:52″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/09/russian-oil-ban-us-gas-prices-cnn10-zw-orig.cnn-business/index.xml”,”videoId”:”business/2022/03/09/russian-oil-ban-us-gas-prices-cnn10-zw-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220308113248-biden-russian-oil-030822-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/09/russian-oil-ban-us-gas-prices-cnn10-zw-orig.cnn-business/video/playlists/business-oil-energy/”,”description”:”President Joe Biden announced his administration banned Russian oil, natural gas and coal imports to the US in response to the Russian invasion of Ukraine, a step he warned could lead to a spike in gas prices at home. u003ca href=”https://www.cnn.com/cnn10″ target=”_blank”>CNN10’s Carl Azuzu003c/a> explains.”,”descriptionText”:”President Joe Biden announced his administration banned Russian oil, natural gas and coal imports to the US in response to the Russian invasion of Ukraine, a step he warned could lead to a spike in gas prices at home. u003ca href=”https://www.cnn.com/cnn10″ target=”_blank”>CNN10’s Carl Azuzu003c/a> explains.”},{“title”:”Western allies move to cut Russian energy imports”,”duration”:”03:11″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/08/energy-imports-ban-russia-ukraine-invasion-vpx.cnnbusiness/index.xml”,”videoId”:”business/2022/03/08/energy-imports-ban-russia-ukraine-invasion-vpx.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220308041309-oil-tanks-russia-02282022-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/08/energy-imports-ban-russia-ukraine-invasion-vpx.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”President Joe Biden announced a ban on Russian energy imports to the US, while the UK and the EU plan to phase out their reliance on Russian oil and gas. CNN’s Anna Stewart explains how Western allies are working in “lockstep when it comes to sanctions.” “,”descriptionText”:”President Joe Biden announced a ban on Russian energy imports to the US, while the UK and the EU plan to phase out their reliance on Russian oil and gas. CNN’s Anna Stewart explains how Western allies are working in “lockstep when it comes to sanctions.” “},{“title”:”Average US gas price soars above $4 nationwide”,”duration”:”01:38″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness/index.xml”,”videoId”:”business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220304083249-02-illinois-gas-prices-0303-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/07/gas-prices-surge-us-russia-vpx.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The average price for a gallon of regular gas in the US has been rapidly increasing since Russia invaded Ukraine, rising about 50 cents since the Feb. 24 invasion. CNN’s Pete Muntean reports.”,”descriptionText”:”The average price for a gallon of regular gas in the US has been rapidly increasing since Russia invaded Ukraine, rising about 50 cents since the Feb. 24 invasion. CNN’s Pete Muntean reports.”},{“title”:”Why banning Russian oil could backfire”,”duration”:”01:32″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business/index.xml”,”videoId”:”business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220228112808-01-us-gas-prices-0223-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/04/sanctions-oil-gas-russia-ukraine-backfire-watch-video-orig.cnn-business/video/playlists/business-oil-energy/”,”description”:”President Biden has said banning Russian oil is still on the table, but here is why weaponizing oil and gas is a measure both sides would prefer avoiding.”,”descriptionText”:”President Biden has said banning Russian oil is still on the table, but here is why weaponizing oil and gas is a measure both sides would prefer avoiding.”},{“title”:”Commodities expert: Panic dominates oil market as Russian oil is shunned”,”duration”:”02:29″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn/index.xml”,”videoId”:”business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220303130057-markets-now-kaneva-russia-ukraine-oil-prices-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/02/markets-now-kaneva-russia-ukraine-oil-prices-orig.cnn/video/playlists/business-oil-energy/”,”description”:”JP Morgan Head of Global Commodities Natasha Kaneva explains the current imbalance in the oil market and where prices are headed.”,”descriptionText”:”JP Morgan Head of Global Commodities Natasha Kaneva explains the current imbalance in the oil market and where prices are headed.”},{“title”:”Oil prices spike as supply disruption fears grip US”,”duration”:”01:41″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness/index.xml”,”videoId”:”business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220228112808-01-us-gas-prices-0223-large-169.jpg”,”videoUrl”:”/videos/business/2022/03/01/oil-prices-rise-russia-ukraine-invasion.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The US and its allies have agreed to release 60 million barrels of oil from reserves amid the Russian invasion of Ukraine, but oil prices still surged. CNN’s Matt Egan weighs in on gas prices, the stock market’s response and why the release of reserves may not be enough.”,”descriptionText”:”The US and its allies have agreed to release 60 million barrels of oil from reserves amid the Russian invasion of Ukraine, but oil prices still surged. CNN’s Matt Egan weighs in on gas prices, the stock market’s response and why the release of reserves may not be enough.”},{“title”:”US stocks rebound after Biden announces sanctions”,”duration”:”02:21″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness/index.xml”,”videoId”:”business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220224133129-02-nyse-022422-large-169.jpg”,”videoUrl”:”/videos/business/2022/02/24/stock-market-oil-prices-russia-ukraine-vpx.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The US stock market rebounds as President Biden announces further sanctions against Russia following the invasion of Ukraine. Oil prices return after a post-invasion spike, while Russia’s stock market drops 33%. CNN’s Matt Egan reports.”,”descriptionText”:”The US stock market rebounds as President Biden announces further sanctions against Russia following the invasion of Ukraine. Oil prices return after a post-invasion spike, while Russia’s stock market drops 33%. CNN’s Matt Egan reports.”},{“title”:”Europe could face a crisis if Russia stops gas flow to Europe”,”duration”:”03:22″,”sourceName”:”CNNBusiness”,”sourceLink”:”https://www.cnn.com/”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/01/31/russia-gas-imports-europe-energy-dependence-pkg-qmb.cnnbusiness/index.xml”,”videoId”:”business/2022/01/31/russia-gas-imports-europe-energy-dependence-pkg-qmb.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/210922160640-02-energy-crisis-europe-uk-large-169.jpg”,”videoUrl”:”/videos/business/2022/01/31/russia-gas-imports-europe-energy-dependence-pkg-qmb.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”Russia’s reliability as a gas supplier for Europe takes a turn as conflict looms and fears over gas imports and energy disruption mount. CNN’s Anna Stewart reports. “,”descriptionText”:”Russia’s reliability as a gas supplier for Europe takes a turn as conflict looms and fears over gas imports and energy disruption mount. CNN’s Anna Stewart reports. “},{“title”:”Drivers are crossing state lines to get cheaper gas amid price hikes”,”duration”:”02:30″,”sourceName”:”CNN”,”sourceLink”:”http://www.cnn.com”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/01/27/gas-price-hike-drivers-businesses-north-carolina-yurkevich-dnt-nr-vpx.cnn/index.xml”,”videoId”:”business/2022/01/27/gas-price-hike-drivers-businesses-north-carolina-yurkevich-dnt-nr-vpx.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/220127101911-gas-price-hike-yurkevich-dnt-1-large-169.jpg”,”videoUrl”:”/videos/business/2022/01/27/gas-price-hike-drivers-businesses-north-carolina-yurkevich-dnt-nr-vpx.cnn/video/playlists/business-oil-energy/”,”description”:”North Carolina residents are seeing the biggest annual increase in gas prices in seven years, which is hitting drivers and small businesses hard. CNN’s Vanessa Yurkevich speaks with drivers and business owners about the impact on their wallets.”,”descriptionText”:”North Carolina residents are seeing the biggest annual increase in gas prices in seven years, which is hitting drivers and small businesses hard. CNN’s Vanessa Yurkevich speaks with drivers and business owners about the impact on their wallets.”},{“title”:”$100 oil? Citigroup doesn’t think so”,”duration”:”02:09″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business/”,”videoCMSUrl”:”/video/data/3.0/video/business/2022/01/19/citigroup-ed-morse-oil-prices-goldman-mn.cnn-business/index.xml”,”videoId”:”business/2022/01/19/citigroup-ed-morse-oil-prices-goldman-mn.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/211123170827-oil-california-1123-large-169.jpg”,”videoUrl”:”/videos/business/2022/01/19/citigroup-ed-morse-oil-prices-goldman-mn.cnn-business/video/playlists/business-oil-energy/”,”description”:”Citigroup’s Global Head of Commodities Research Ed Morse explains why he believes supply increases will push oil prices down by the fourth quarter.”,”descriptionText”:”Citigroup’s Global Head of Commodities Research Ed Morse explains why he believes supply increases will push oil prices down by the fourth quarter.”},{“title”:”Germany plans to phase out nuclear energy as Britain expands it “,”duration”:”03:48″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/12/13/germany-protest-nuclear-energy-power-britain.cnnbusiness/index.xml”,”videoId”:”business/2021/12/13/germany-protest-nuclear-energy-power-britain.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/211215090526-nuclear-power-germany-large-169.jpg”,”videoUrl”:”/videos/business/2021/12/13/germany-protest-nuclear-energy-power-britain.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”Germany is planning to phase out nuclear energy by 2022. If the policy holds, the country would become more dependent on natural gas. Britain, on the other hand, has been expanding its nuclear power production. CNN’s Salma Abdelaziz takes a look at how the climate crisis is giving nuclear energy another chance. “,”descriptionText”:”Germany is planning to phase out nuclear energy by 2022. If the policy holds, the country would become more dependent on natural gas. Britain, on the other hand, has been expanding its nuclear power production. CNN’s Salma Abdelaziz takes a look at how the climate crisis is giving nuclear energy another chance. “},{“title”:”Biden aims to lower gas prices with release of oil reserves”,”duration”:”03:20″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/11/23/biden-oil-reserves-romans.cnnbusiness/index.xml”,”videoId”:”business/2021/11/23/biden-oil-reserves-romans.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/211117114944-us-oil-field-1103-large-169.jpg”,”videoUrl”:”/videos/business/2021/11/23/biden-oil-reserves-romans.cnnbusiness/video/playlists/business-oil-energy/”,”description”:”The Biden administration is teaming up with China, Japan and other countries to release barrels from strategic oil reserves. CNN’s Christine Romans reports.”,”descriptionText”:”The Biden administration is teaming up with China, Japan and other countries to release barrels from strategic oil reserves. CNN’s Christine Romans reports.”}],’js-video_headline-featured-1qt2j8m’,”,”js-video_source-featured-1qt2j8m”,true,true,’business-oil-energy’);if (typeof configObj.context !== ‘string’ || configObj.context.length